A Leeds estate agent has said high streets still play a huge part in boosting house prices and creating property hotspots.
Mark Manning, MD of Manning Stainton, said the death of the high street is predicted, but there are still places where retail and restaurants thrive and their impact cannot be underestimated.
“High streets can really make or break an area,” he said.
“A great high street makes a place more attractive, so more people want to live there, which pushes up demand and increases house prices. It also results in more affluent people moving to an area as they want to be close to the action and will pay more to be in the thick of it.
“As people with higher incomes move in, you’ll often see an area change dramatically and this means that the high street will react with new offerings that are suited to the new, more affluent demographic.”
Meanwood, a suburb close to popular Headingley and the city centre, is one of the best examples. The catalyst for a radical transformation from bog standard to sought-after was the opening of a Waitrose in 2010.
Between 2010 and 2012, Manning Stainton data showed the average price in Meanwood was £151,792 compared to the average Leeds house price of £158,799. In 2018, the average house price in Meanwood stood at £210,467, 39 per cent higher than it was when Waitrose first opened.
Manning Stainton say that prices in nearby Oakwood, which has also seen major changes to its high street in recent years, have also grown, though by a little less than the Leeds average.
Mark said: “The average house price in Oakwood was already high due to good local schools, which have been an attraction for many years. However, the changes to its high street are more recent than Meanwood’s so I think we’ll see bigger price rises in Oakwood over the next few years.”